EVERTEC, Inc. (NYSE:EVTC) Q2 2024 Earnings Conference Call July 31, 2024 4:30 PM ET

Company Participants

Beatriz Brown-Saenz - IR
Mac Schuessler - President, CEO
Joaquín Castrillo - CFO

Conference Call Participants

Jamie Friedman - Susquehanna
Vasu Govil - KBW
Cris Kennedy - William Blair
Nate Stevenson - Deutsche Bank
John Davis - Raymond James
James Faucette - Morgan Stanley

Operator

Good afternoon, everyone, and welcome to the Evertec Second Quarter 2024 earnings conference call. At this time, I would like to turn the conference over to Ms. Beatriz Brown-Saenz of Investor Relations. Please go ahead, ma'am.

Beatriz Brown-Saenz

Thank you, and good afternoon. With me today are Mac Schuessler, our President and Chief Executive Officer; and Joaquin Castrillo, our Chief Financial Officer.

Before we begin, I would like to remind everyone that this call may contain forward-looking statements and should be considered in conjunction with cautionary statements contained in our earnings release and the company's most recent periodic SEC report.

During today's call, management will provide certain information that will constitute non-GAAP financial measures under SEC rules, such as adjusted EBITDA, adjusted net income and adjusted earnings per common share. Reconciliations to GAAP measures and certain additional information are also included in today's earnings release and related supplemental slides, which are available in the Investor Relations section of our company website at www.Evertecinc.com.

I will now hand the call over to Mac.

Mac Schuessler

Thanks, Beatriz, and good afternoon, everyone. We're pleased to announce second quarter results that reflect solid revenue growth across all our segments and strong overall margins. Revenue continues to benefit from strong transactional growth in Puerto Rico and Latin America, complemented by the contribution from the Sinqia acquisition as well as higher-than-expected revenue in our Business Solutions segment.

I will begin today's call with a summary of our second quarter 2024 financial results, followed by a discussion of our Puerto Rico segments and concluding with an update on Latin America, including progress we are making with Sinqia and Brazil. I will then turn the call over to Joaquin, who will provide additional details on both our Q2 results and our updated 2024 outlook.

Beginning on Slide 4, let's start with some highlights from our second quarter results. We reported $212 million in revenue, a 27% increase over the prior year. Revenue growth in our Puerto Rico Payments segment was driven by strong sales volume growth, improved net spread and continued growth in ATH and ATH Mobile business.